First check the master cylinder fluid level, if low add. Next pump up the pedal (recheck the master fluid level as you go) as high as you can. If you can get a pedal, and it holds as you press down, you need to bleed the wheel cylinders. If bleeding the cylinders fixes the problem, but the symptoms return the wheel cylinders need to be rebuilt. On the other hand if the best pedal is the first pump and subsequent pumping causes the pedal to drop, test this way. Take the time to recheck master fluid level, then take a hard stab at the pedal hold it down tight. This is to test the master cylinder. Should the pedal drop while you keep holding pressure on the pedal, then the master is bad and needs to be rebuilt. I think you're describing air in the lines and low fluid. Possibly in need of a wheel cylinder rebuild. However your choice the word fade leads to suspect you might be describing a bad master. On occasion adding fluid, bleeding the air out of the wheel cylinders is enough. The best thing, though, is to pull the drums off and inspect the cylinder boots for leaks before the fluid gets on your linings. Start with fronts if you find that the problem is there you can avoid the task of pulling the rears. Good Luck